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Paraguay : corruption, reform, and the financial system /
Jeffrey Franks ... [et al.].
Washington, D.C. : International Monetary Fund, c2005.
xiv, 117 p. : ill. ; 28 cm.
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Washington, D.C. : International Monetary Fund, c2005.
standard identifier
contents note
Has corruption in Paraguay contributed to slow economic growth? -- Financial crises and behavior of private sector credit in Paraguay -- Assessing the reform of the Caja Fiscal -- Equilibrium real exchange rate in Paraguay.
catalogue key
Includes bibliographical references.
A Look Inside
Long Description
Following some historical background, this book describes how corruption is manifested in Paraguay. The book distinguishes between factors that explain the growth performance of Paraguay since 1960 (where corruption does not directly enter as a significant factor) and factors that explain the relative level of income of Paraguay in the past 40 or 50 years compared with other countries. The book then illustrates how Paraguay's weak institutions may have led to long-term growth below its potential. Finally, the authors briefly consider how Paraguay could improve its institutions. To the extent that prudent policies and the willingness to consider the adoption of international best-practices will exert pressure for change in Paraguay, a gradual improvement of institutional quality will ensue, which is necessary for sustained long-run growth.
Main Description
This publication examines the long-standing problems of corruption in Paraguay and its economic effects. It considers how these institutional problems have contributed to the country's long-term economic underperformance and options for addressing these problems drawing from international best practices. Issues discussed include: financial crises and private sector credit, reform of the Caja Fiscal, equilibrium real exchange rate, terms of trade and regional factors.
Table of Contents
Abbreviationsp. vii
Prefacep. ix
Overviewp. xi
Has Corruption in Paraguay Contributed to Slow Economic Growth?p. 1
Introductionp. 1
Corruption in Paraguayp. 4
Historical rootsp. 4
The judicial systemp. 6
Tax and customs administrationp. 8
Government expendituresp. 8
Patronage in governmentp. 9
Growth in Paraguayp. 11
Cross-country comparisonsp. 15
Explanation of Effects of Corruption on Levels of per Capita Incomep. 19
Modeling the Political Economy of Growthp. 21
Recent initiativesp. 23
Conclusionsp. 24
Referencesp. 24
A Political Economy Model of Output Growthp. 28
Financial Crises and Behavior of Private Sector Credit in Paraguayp. 31
Introductionp. 31
Current State of the Financial Systemp. 32
Banking systemp. 32
Finance companiesp. 39
Cooperative sectorp. 40
Overview of the Financial Crisesp. 41
Precrises situationp. 41
Financial crisesp. 43
Behavior of Private Sector Creditp. 45
Credit supply in banksp. 45
Credit supply in finance companiesp. 48
Credit supply in cooperativesp. 48
Credit demandp. 49
Conclusions and Policy Recommendationsp. 51
Referencesp. 54
Analysis of the Financial Systemp. 56
Major Financial Sector Developments in Paraguayp. 62
Snapshot of Business Environmentp. 63
Assessing the Reform of the Caja Fiscalp. 66
Backgroundp. 66
Reform of the Caja Fiscalp. 67
Assumptions and Methodologyp. 72
Demographicsp. 72
Retirement decisionsp. 77
Contributionsp. 80
Old-age pensionsp. 80
Survivor and Chaco War pensionsp. 82
Thirteen months bonus (aguinaldo)p. 83
Macroeconomic assumptionsp. 83
Findingsp. 84
Prereform scenariop. 84
Postreform scenariop. 87
Assessment and Policy Implicationsp. 93
Referencesp. 94
Equilibrium Real Exchange Rate in Paraguayp. 95
Backgroundp. 95
Empirical Methodologyp. 96
Role of Terms of Trade and Regional Factorsp. 98
Test for nonstationarityp. 99
Role of terms of tradep. 99
Role of regional factorsp. 100
Misalignment from long-run equilibriump. 103
Robustnessp. 105
Least-square estimates of long-run equilibriump. 106
Error correction modelsp. 113
Conclusionsp. 115
Referencesp. 116
Data Sources and Definitionsp. 117
ESSAP Investment Projectp. 15
Computing Net Present Values of Future Deficitsp. 87
Identifying the Sources of Savings of the Reformp. 91
Table of Contents provided by Ingram. All Rights Reserved.

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